Goldman Sachs' chief executive, Lloyd Blankfein, has admitted that media pressure forced the Wall Street bank to drop its plan to save its British employees millions of pounds in bonuses through tax avoidance. "We were very, very influenced by the press, and that's certainly not embarrassing. We have to take account of it," said Mr Blankfein at the World Economic Forum in Davos.

Network Rail has said it is ready to pay nearly £35m in train-travel expenses to its staff in 2011-13, around £1,000 per employee, as passengers suffer massive new year fare increases. Staff who worked for British Rail before privatisation 20 years ago had rail-pass perks safeguarded as part of the terms of the deal. Workers employed since then have limited free travel.